US Market News
2月前
Exelon Reports First Quarter 2026 ResultsMay 6, 2026 6:50 AM
Business Wire Earnings Release Highlights GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.91 per share for the first quarter of 2026 Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029 Projecting $41.7 billion of capital expenditures over the next four years, resulting in expected rate base growth of 7.9% All utilities sustained top quartile in reliability performance, with ComEd in top decile Through March 31, completed approximately 43% of planned debt financings, including all of its Holding Company issuances, and priced approximately 37% of its $3.4 billion of equity needs through 2029 Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2026. “Exelon is on track for another year of consistent operational and financial performance. Our scale, platform, and disciplined execution allow us to adapt as conditions evolve to continue delivering on our commitments over the long term,” said Exelon President and Chief Executive Officer Calvin Butler. “Through The Exelon Promise, we are committed to balancing affordability while advancing safety, reliability, and investments that strengthen the grid and support the communities we serve – today and in the future.” “We delivered first quarter 2026 adjusted operating earnings of $0.91 per share while maintaining strong operational performance, continuing our track record of execution as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a revised $41.7 billion four-year capital plan, 7.9% rate base growth, and a disciplined focus on cost management, we remain well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. Our results and outlook underscore the durability of our business and our ability to adapt and execute while continuing to invest in a way that balances the needs of our customers with the grid of the future.” First Quarter 2026 Exelon's GAAP net income for the first quarter of 2026 remained relatively consistent with the prior period at $0.90 per share. Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $0.91 per share from $0.92 per share in the first quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4. The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2026 primarily reflect: Higher costs at the Exelon holding company primarily due to higher income taxes and higher interest expense. Higher utility earnings primarily due to approved distribution and transmission rates at ComEd and PHI, approved distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather and lower income taxes at PECO. This was partially offset by timing of distribution earnings at ComEd, higher depreciation expense at PECO and PHI, higher interest expense at PECO, higher credit loss expense at BGE, and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers, driving top quartile reliability and avoiding outage costs. Operating Company Results1 ComEd ComEd's first quarter of 2026 GAAP net income increased to $310 million from $302 million in the first quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $310 million from $325 million in the first quarter of 2025, primarily due to timing of distribution earnings, partially offset by an increase in AFUDC and higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PECO PECO’s first quarter of 2026 GAAP net income increased to $278 million from $266 million in the first quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $278 million from $265 million in the first quarter of 2025, primarily due to absence of customer surcharge credits, favorable weather, and lower income taxes due to tax repairs, some of which is timing, partially offset by an increase in depreciation and interest expense. BGE BGE’s first quarter of 2026 GAAP net income increased to $298 million from $260 million in the first quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $298 million from $260 million in the first quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PHI PHI’s first quarter of 2026 GAAP net income decreased to $169 million from $194 million in the first quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $180 million from $194 million in the first quarter of 2025, primarily due to unfavorable impacts of the Pepco Maryland multi-year plan reconciliation and an increase in depreciation expense, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns. ___________ 1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. Recent Developments and First Quarter Highlights Dividend: On April 28, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on June 15, 2026, to Exelon shareholders of record as of the close of business on June 4, 2026. Rate Case Developments: There were no rate case developments in the first quarter. Financing Activities: On February 20, 2026, Exelon issued $775 million of its Senior Notes, 4.95% Series due March 15, 2036. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 19, 2026, Pepco issued $170 million of its First Mortgage Bonds, consisting of $110 million aggregate principal amount of its First Mortgage Bonds, 5.00% Series due March 19, 2036, and $60 million aggregate principal amount of its First Mortgage Bonds, 5.30% Series due March 19, 2041. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. On March 19, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.74% Series due March 19, 2056. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. On March 19, 2026, ACE issued $100 million of its First Mortgage Bonds, 4.95% Series due March 19, 2036. ACE used the proceeds to repay existing indebtedness and for general corporate purposes. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the first quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2026 GAAP net income $ 0.90 $ 919 $ 310 $ 278 $ 298 $ 169 Regulatory matters (net of taxes of $4) 0.01 11 — — — 11 2026 Adjusted (non-GAAP) operating earnings $ 0.91 $ 930 $ 310 $ 278 $ 298 $ 180 Adjusted (non-GAAP) operating earnings for the first quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2025 GAAP net income $ 0.90 $ 908 $ 302 $ 266 $ 260 $ 194 Change in FERC Audit Liability (net of taxes of $1) — 2 2 — — — Cost management charge (net of taxes of $0) — (1 ) — — — — Regulatory matters (net of taxes of $7) 0.02 22 21 — — — 2025 Adjusted (non-GAAP) operating earnings $ 0.92 $ 932 $ 325 $ 265 $ 260 $ 194 __________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com/. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 6, 2026. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release. Earnings Release Attachments Table of Contents Consolidating Statement of Operations 1 Consolidated Balance Sheets 2 Consolidated Statements of Cash Flows 4 Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 5 Statistics ComEd 6 PECO 6 BGE 8 Pepco 9 DPL 10 ACE 11 Consolidating Statements of Operations (unaudited) (in millions) ComEd PECO BGE PHI Other (a) Exelon Three Months Ended March 31, 2026 Operating revenues $ 1,913 $ 1,492 $ 1,828 $ 2,030 $ (21 ) $ 7,242 Operating expenses Purchased power and fuel 451 612 808 905 — 2,776 Operating and maintenance 438 337 327 424 (60 ) 1,466 Depreciation and amortization 404 121 167 246 14 952 Taxes other than income taxes 105 69 104 151 14 443 Total operating expenses 1,398 1,139 1,406 1,726 (32 ) 5,637 Gain on sale of assets — — — — — — Operating income 515 353 422 304 11 1,605 Other income and (deductions) Interest expense, net (135 ) (71 ) (62 ) (106 ) (181 ) (555 ) Other, net 31 11 17 18 (8 ) 69 Total other income and (deductions) (104 ) (60 ) (45 ) (88 ) (189 ) (486 ) Income (loss) before income taxes 411 293 377 216 (178 ) 1,119 Income taxes 101 15 79 47 (42 ) 200 Net income (loss) attributable to common shareholders $ 310 $ 278 $ 298 $ 169 $ (136 ) $ 919 Three Months Ended March 31, 2025 Operating revenues $ 2,065 $ 1,333 $ 1,554 $ 1,778 $ (16 ) $ 6,714 Operating expenses Purchased power and fuel 689 502 609 722 — 2,522 Operating and maintenance 423 327 305 349 (57 ) 1,347 Depreciation and amortization 380 109 164 234 16 903 Taxes other than income taxes 99 60 96 140 10 405 Total operating expenses 1,591 998 1,174 1,445 (31 ) 5,177 Loss on sale of assets — — — (1 ) — (1 ) Operating income 474 335 380 332 15 1,536 Other income and (deductions) Interest expense, net (128 ) (63 ) (58 ) (100 ) (161 ) (510 ) Other, net 21 8 9 19 (5 ) 52 Total other income and (deductions) (107 ) (55 ) (49 ) (81 ) (166 ) (458 ) Income (loss) before income taxes 367 280 331 251 (151 ) 1,078 Income taxes 65 14 71 57 (37 ) 170 Net income (loss) attributable to common shareholders $ 302 $ 266 $ 260 $ 194 $ (114 ) $ 908 Change in net income (loss) from 2025 to 2026 $ 8 $ 12 $ 38 $ (25 ) $ (22 ) $ 11 __________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. Exelon Consolidated Balance Sheets (unaudited) (in millions) March 31, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 713 $ 626 Restricted cash and cash equivalents 560 525 Accounts receivable Customer accounts receivable 3,636 3,732 Customer allowance for credit losses (522 ) (435 ) Customer accounts receivable, net 3,114 3,297 Other accounts receivable 1,680 1,879 Other allowance for credit losses (102 ) (94 ) Other accounts receivable, net 1,578 1,785 Inventories, net Fossil fuel 35 88 Materials and supplies 811 780 Regulatory assets 1,373 1,359 Prepaid renewable energy credits 314 563 Other 504 523 Total current assets 9,002 9,546 Property, plant, and equipment, net 85,564 84,318 Deferred debits and other assets Regulatory assets 9,322 9,214 Goodwill 6,630 6,630 Receivable related to Regulatory Agreement Units 4,830 4,755 Investments 317 312 Other 1,880 1,795 Total deferred debits and other assets 22,979 22,706 Total assets $ 117,545 $ 116,570 March 31, 2026 December 31, 2025 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 665 $ 612 Long-term debt due within one year 2,326 1,665 Accounts payable 3,119 3,721 Accrued expenses 1,203 1,582 Payables to affiliates 5 5 Customer deposits 565 533 Regulatory liabilities 910 1,128 Mark-to-market derivative liabilities 21 30 Unamortized energy contract liabilities 5 5 Renewable energy credit obligations 222 473 Other 547 577 Total current liabilities 9,588 10,331 Long-term debt 47,859 47,413 Long-term debt to financing trusts 390 390 Deferred credits and other liabilities Deferred income taxes and unamortized investment tax credits 14,201 13,715 Regulatory liabilities 11,186 11,016 Pension obligations 1,426 1,749 Non-pension postretirement benefit obligations 558 546 Asset retirement obligations 321 321 Mark-to-market derivative liabilities 112 106 Unamortized energy contract liabilities 16 16 Other 2,573 2,169 Total deferred credits and other liabilities 30,393 29,638 Total liabilities 88,230 87,772 Commitments and contingencies Shareholders’ equity Common stock 22,129 22,106 Treasury stock, at cost (123 ) (123 ) Retained earnings 8,065 7,577 Accumulated other comprehensive loss, net (756 ) (762 ) Total shareholders’ equity 29,315 28,798 Total liabilities and shareholders’ equity $ 117,545 $ 116,570 Exelon Consolidated Statements of Cash Flows (unaudited) (in millions) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income $ 919 $ 908 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation, amortization, and accretion 953 905 Loss on sales of assets — 1 Deferred income taxes and amortization of investment tax credits 345 121 Net fair value changes related to derivatives — 1 Other non-cash operating activities 222 344 Changes in assets and liabilities: Accounts receivable 395 (402 ) Inventories 20 17 Accounts payable and accrued expenses (632 ) (397 ) Collateral received, net 45 44 Income taxes (144 ) 59 Regulatory assets and liabilities, net (329 ) 86 Pension and non-pension postretirement benefit contributions (346 ) (292 ) Other assets and liabilities 276 (195 ) Net cash flows provided by operating activities 1,724 1,200 Cash flows from investing activities Capital expenditures (2,358 ) (1,946 ) Other investing activities 2 4 Net cash flows used in investing activities (2,356 ) (1,942 ) Cash flows from financing activities Changes in short-term borrowings (447 ) (775 ) Proceeds from short-term borrowings with maturities greater than 90 days 500 — Issuance of long-term debt 1,120 2,425 Issuance of common stock — 173 Dividends paid on common stock (430 ) (403 ) Proceeds from employee stock plans 12 — Other financing activities (27 ) (35 ) Net cash flows provided by financing activities 728 1,385 Increase in cash, restricted cash, and cash equivalents 96 643 Cash, restricted cash, and cash equivalents at beginning of period 1,201 939 Cash, restricted cash, and cash equivalents at end of period $ 1,297 $ 1,582 Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2026 and 2025 (unaudited) (in millions, except per share data) Exelon Earnings per Diluted Share ComEd PECO BGE PHI Other (a) Exelon 2025 GAAP net income (loss) $ 0.90 $ 302 $ 266 $ 260 $ 194 $ (114 ) $ 908 Change in FERC audit liability (net of taxes of $1) — 2 — — — — 2 Cost management charge (net of taxes of $0) (1) — — — — — (1 ) (1 ) Regulatory matters (net of taxes of $7) (2) 0.02 21 — — — 1 22 2025 Adjusted (non-GAAP) operating earnings (loss) $ 0.92 $ 325 $ 265 $ 260 $ 194 $ (112 ) $ 932 Year over year effects on Adjusted (non-GAAP) operating earnings: Weather $ 0.01 $ — (b) $ 12 $ — (b) $ 3 (b) $ — $ 15 Load — — (b) (2 ) — (b) — (b) — (2 ) Distribution and transmission rates (3) 0.06 15 (c) 5 (c) 25 (c) 14 (c) — 59 Other energy delivery (4) 0.05 17 (c) 13 (c) 14 (c) 10 (c) — 54 Operating and maintenance expense (5) (0.06 ) (32 ) (8 ) 4 (21 ) — (57 ) Depreciation and amortization expense (6) (0.04 ) (17 ) (9 ) (7 ) (12 ) 2 (43 ) Interest expense and other (7) (0.03 ) 2 2 2 (8 ) (26 ) (28 ) Total year over year effects on Adjusted (non-GAAP) operating earnings $ (0.01 ) $ (15 ) $ 13 $ 38 $ (14 ) $ (24 ) $ (2 ) 2026 GAAP net income (loss) $ 0.90 $ 310 $ 278 $ 298 $ 169 $ (136 ) $ 919 Regulatory matters (net of taxes of $4) (2) 0.01 — — — 11 — 11 2026 Adjusted (non-GAAP) operating earnings (loss) $ 0.91 $ 310 $ 278 $ 298 $ 180 $ (136 ) $ 930 Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). (1) Primarily represents severance and reorganization costs related to cost management. (2) Represents the disallowance of certain capitalized costs. (3) For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. (4) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (5) Represents Operating and maintenance expense. For ComEd, reflects increased storm costs and increased contracting costs. For PHI, reflects increased contracting costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. (6) Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization. (7) For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, some of which is timing, partially offset by an increase in interest expense. For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an increase in interest expense and an increase in income tax expense due to timing. ComEd Statistics Three Months Ended March 31, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) 2026 2025 % Change Weather - Normal % Change 2026 2025 % Change Electric Deliveries and Revenues(a) Residential 6,560 6,674 (1.7 )% (0.6 )% $ 1,024 $ 993 3.1 % Small commercial & industrial 7,318 7,359 (0.6 )% — % 484 600 (19.3 )% Large commercial & industrial 6,962 7,003 (0.6 )% (1.2 )% 120 296 (59.5 )% Public authorities & electric railroads 244 278 (12.2 )% (9.1 )% 12 17 (29.4 )% Other(b) — — n/a n/a 249 236 5.5 % Total electric revenues(c) 21,084 21,314 (1.1 )% (0.7 )% 1,889 2,142 (11.8 )% Other Revenues(d) 24 (77 ) (131.2 )% Total electric revenues $ 1,913 $ 2,065 (7.4 )% Purchased Power $ 451 $ 689 (34.5 )% % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,868 2,985 3,053 (3.9 )% (6.1 )% Cooling Degree-Days 1 — — — % — % Number of Electric Customers 2026 2025 Residential 3,779,277 3,735,234 Small commercial & industrial 398,024 396,639 Large commercial & industrial 1,992 2,473 Public authorities & electric railroads 5,801 5,787 Total 4,185,094 4,140,133 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $11 million and $8 million for the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges. PECO Statistics Three Months Ended March 31, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) 2026 2025 % Change Weather- Normal % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,952 3,859 2.4 % 0.1 % $ 725 $ 631 14.9 % Small commercial & industrial 2,010 1,946 3.3 % 1.0 % 172 162 6.2 % Large commercial & industrial 3,132 3,425 (8.6 )% (10.0 )% 87 84 3.6 % Public authorities & electric railroads 176 189 (6.9 )% (7.0 )% 8 8 — % Other(b) — — n/a n/a 77 76 1.3 % Total electric revenues(c) 9,270 9,419 (1.6 )% (3.5 )% 1,069 961 11.2 % Other Revenues(d) 13 (5 ) (360.0 )% Total electric revenues 1,082 956 13.2 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 22,436 21,834 2.8 % (0.9 )% 286 267 7.1 % Small commercial & industrial 11,351 10,405 9.1 % 6.2 % 96 86 11.6 % Large commercial & industrial (10 ) 12 (183.3 )% (20.0 )% — — n/a Transportation 7,142 7,242 (1.4 )% (2.2 )% 20 13 53.8 % Other(f) — — n/a n/a 7 10 (30.0 )% Total natural gas revenues(g) 40,919 39,493 3.6 % 0.7 % 409 376 8.8 % Other Revenues(d) 1 1 — % Total natural gas revenues 410 377 8.8 % Total electric and natural gas revenues $ 1,492 $ 1,333 11.9 % Purchased Power and Fuel $ 612 $ 502 21.9 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,399 2,351 2,359 2.0 % 1.7 % Cooling Degree-Days 10 1 1 900.0 % 900.0 % Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025 Residential 1,544,881 1,540,453 Residential 511,085 509,773 Small commercial & industrial 154,634 155,131 Small commercial & industrial 44,642 44,869 Large commercial & industrial 3,149 3,151 Large commercial & industrial 7 7 Public authorities & electric railroads 10,108 10,703 Transportation 606 623 Total 1,712,772 1,709,438 Total 556,340 555,272 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended March 31, 2026 and 2025, respectively. BGE Statistics Three Months Ended March 31, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) 2026 2025 % Change Weather- Normal % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 3,788 3,669 3.2 % (3.6 )% $ 818 $ 648 26.2 % Small commercial & industrial 729 730 (0.1 )% (4.2 )% 130 109 19.3 % Large commercial & industrial 3,212 3,145 2.1 % (1.0 )% 180 144 25.0 % Public authorities & electric railroads 48 48 — % (2.1 )% 8 8 — % Other(b) — — n/a n/a 117 113 3.5 % Total electric revenues(c) 7,777 7,592 2.4 % (2.6 )% 1,253 1,022 22.6 % Other Revenues(d) (8 ) (10 ) (20.0 )% Total electric revenues 1,245 1,012 23.0 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 21,298 20,871 2.0 % (0.7 )% 401 378 6.1 % Small commercial & industrial 4,790 4,568 4.9 % 3.4 % 63 63 — % Large commercial & industrial 14,450 14,378 0.5 % (2.0 )% 93 96 (3.1 )% Other(f) 3,515 3,845 (8.6 )% n/a 31 24 29.2 % Total natural gas revenues(g) 44,053 43,662 0.9 % (0.7 )% 588 561 4.8 % Other Revenues(d) (5 ) (19 ) (73.7 )% Total natural gas revenues 583 542 7.6 % Total electric and natural gas revenues $ 1,828 $ 1,554 17.6 % Purchased Power and Fuel $ 808 $ 609 32.7 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,444 2,303 2,332 6.1 % 4.8 % Cooling Degree-Days 14 — 3 — % 366.7 % Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025 Residential 1,226,941 1,220,769 Residential 663,324 661,195 Small commercial & industrial 115,253 115,359 Small commercial & industrial 37,735 37,945 Large commercial & industrial 13,372 13,302 Large commercial & industrial 6,421 6,380 Public authorities & electric railroads 251 258 Total 1,355,817 1,349,688 Total 707,480 705,520 __________ (a) Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively. Pepco Statistics Three Months Ended March 31, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) 2026 2025 % Change Weather- Normal % Change 2026 2025 % Change Electric Deliveries and Revenues(a) Residential 2,359 2,336 1.0 % (4.5 )% $ 507 $ 424 19.6 % Small commercial & industrial 294 300 (2.0 )% (4.6 )% 54 51 5.9 % Large commercial & industrial 3,301 3,338 (1.1 )% (2.8 )% 321 289 11.1 % Public authorities & electric railroads 174 160 8.8 % 7.8 % 10 8 25.0 % Other(b) — — n/a n/a 93 86 8.1 % Total electric revenues(c) 6,128 6,134 (0.1 )% (3.3 )% 985 858 14.8 % Other Revenues(d) 4 1 300.0 % Total electric revenues $ 989 $ 859 15.1 % Purchased Power $ 411 $ 318 29.2 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,187 1,987 2,036 10.1 % 7.4 % Cooling Degree-Days 16 25 5 (36.0 )% 220.0 % Number of Electric Customers 2026 2025 Residential 887,650 882,043 Small commercial & industrial 54,225 54,071 Large commercial & industrial 23,163 23,079 Public authorities & electric railroads 209 205 Total 965,247 959,398 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charge revenues. DPL Statistics Three Months Ended March 31, 2026 and 2025 Electric and Natural Gas Deliveries Revenue (in millions) 2026 2025 % Change Weather - Normal % Change 2026 2025 % Change Electric (in GWhs) Electric Deliveries and Revenues(a) Residential 1,709 1,645 3.9 % 1.3 % $ 331 $ 298 11.1 % Small commercial & industrial 608 586 3.8 % 2.4 % 69 64 7.8 % Large commercial & industrial 929 939 (1.1 )% (1.6 )% 30 28 7.1 % Public authorities & electric railroads 9 9 — % (1.8 )% 4 4 — % Other(b) — — n/a n/a 77 71 8.5 % Total electric revenues(c) 3,255 3,179 2.4 % 0.6 % 511 465 9.9 % Other Revenues(d) (5 ) (5 ) — % Total electric revenues 506 460 10.0 % Natural Gas (in mmcfs) Natural Gas Deliveries and Revenues(e) Residential 4,678 4,590 1.9 % (2.3 )% 74 56 32.1 % Small commercial & industrial 2,128 1,970 8.0 % 3.0 % 29 21 38.1 % Large commercial & industrial 429 428 0.2 % 0.2 % 4 3 33.3 % Transportation 2,027 2,106 (3.8 )% (6.1 )% 5 5 — % Other(f) — — n/a n/a 4 3 33.3 % Total natural gas revenues 9,262 9,094 1.8 % (1.9 )% 116 88 31.8 % Other Revenues(d) — — n/a Total natural gas revenues 116 88 31.8 % Total electric and natural gas revenues $ 622 $ 548 13.5 % Purchased Power and Fuel $ 289 $ 247 17.0 % Electric Service Territory % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,443 2,354 2,323 3.8 % 5.2 % Cooling Degree-Days 9 10 2 (10.0 )% 350.0 % Natural Gas Service Territory % Change Heating Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,531 2,399 2,449 5.5 % 3.3 % Number of Electric Customers 2026 2025 Number of Natural Gas Customers 2026 2025 Residential 496,074 491,907 Residential 132,419 131,716 Small commercial & industrial 65,604 64,999 Small commercial & industrial 10,285 10,254 Large commercial & industrial 1,288 1,251 Large commercial & industrial 14 15 Public authorities & electric railroads 628 617 Transportation 159 161 Total 563,594 558,774 Total 142,877 142,146 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. ACE Statistics Three Months Ended March 31, 2026 and 2025 Electric Deliveries (in GWhs) Revenue (in millions) 2026 2025 % Change Weather - Normal % Change 2026 2025 % Change Electric Deliveries and Revenues(a) Residential 955 902 5.9 % 3.7 % $ 258 $ 196 31.6 % Small commercial & industrial 405 390 3.8 % 3.0 % 68 54 25.9 % Large commercial & industrial 688 713 (3.5 )% (3.5 )% 44 50 (12.0 )% Public authorities & electric railroads 12 13 (7.7 )% (8.3 )% 5 5 — % Other(b) — — n/a n/a 64 68 (5.9 )% Total electric revenues(c) 2,060 2,018 2.1 % 0.9 % 439 373 17.7 % Other Revenues(d) (18 ) — n/a Total electric revenues $ 421 $ 373 12.9 % Purchased Power $ 205 $ 157 30.6 % % Change Heating and Cooling Degree-Days 2026 2025 Normal From 2025 From Normal Heating Degree-Days 2,543 2,408 2,386 5.6 % 6.6 % Cooling Degree-Days 3 — 1 — % 200.0 % Number of Electric Customers 2026 2025 Residential 510,569 508,354 Small commercial & industrial 63,174 62,861 Large commercial & industrial 2,660 2,824 Public authorities & electric railroads 756 723 Total 577,159 574,762 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506121198/en/ Khanya Brann
Corporate Communications
301-535-3292 Ryan Brown
Investor Relations
779-231-0017 Original: Exelon Reports First Quarter 2026 Results
US Market News
5月前
Exelon Reports Fourth Quarter and Full Year 2025 Results and Initiates 2026 Financial OutlookFebruary 12, 2026 6:50 AM
Business Wire
Earnings Release Highlights
Executed Adjusted (non-GAAP) operating earnings per share above expectations, with GAAP net income of $0.58 per share and Adjusted (non-GAAP) operating earnings of $0.59 per share for the fourth quarter of 2025, resulting in full-year GAAP net income of $2.73 per share and Adjusted (non-GAAP) operating earnings of $2.77 per share
Introducing full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance
Projecting $41.3 billion of capital expenditures over the next four years to support customer needs and grid reliability, resulting in expected rate base growth of 7.9% and operating EPS compounded annual growth near the top end of 5-7% from 2025-2029
Updating 4-year financing plan to include $3.4 billion of equity to fund capital expenditures, in line with a balanced funding strategy of funding incremental capital with approximately 40% equity, implying $850 million in annualized equity needs per year, with 82% of 2026 needs priced under forwards
All utilities achieved first quartile performance in System Average Interruption Duration Index (SAIDI), with ComEd landing in top decile for both SAIDI and System Average Interruption Frequency Index
Customer affordability is paramount to Exelon’s strategy, with $60 million provided in direct assistance through the company’s Customer Relief Fund
Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2025.
“As we close out our 25th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025,” said Exelon President and Chief Executive Officer Calvin Butler. “We remain committed to balancing the investments needed to meet tomorrow’s energy demands while keeping our customers at the center of every decision. Through our customer programs and disciplined focus on cost and operational excellence, we continued to maintain customer bills below the national average. We look forward to building on this momentum in 2026 – delivering and advocating for safe, reliable and affordable energy solutions while strengthening the communities we proudly serve.”
“Exelon's financial performance in 2025 exceeded expectations, with full-year adjusted operating earnings of $2.77 per share, sustaining a 100% track record of annual outperformance as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a $41.3 billion four-year capital plan and 7.9% rate base growth, we are well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. As we continue to make the critical investments needed to modernize our energy infrastructure, we remain focused on supporting our customers by providing reliable and resilient service, maintaining a sharp focus on cost management, and advocating for policies that advance customer equity and energy supply solutions.”
Fourth Quarter 2025
Exelon's GAAP net income for the fourth quarter of 2025 decreased to $0.58 per share from $0.64 per share in the fourth quarter of 2024. Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $0.59 per share from $0.64 per share in the fourth quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 5.
GAAP net income and Adjusted (non-GAAP) operating earnings in the fourth quarter of 2025 primarily reflect:
Higher utility earnings primarily due to distribution and transmission rates at ComEd and PHI, distribution rates at PECO and BGE, higher AFUDC at ComEd, favorable weather at PECO, and impacts of the multi-year plan reconciliation at BGE. This was partially offset by higher income taxes, contracting costs, depreciation expense, and an absence of the storm cost deferral at PECO, higher contracting costs at PHI, higher interest expense at PECO and BGE, and timing of distribution earnings at ComEd.
Higher costs at the Exelon holding company primarily due to higher interest expense, charitable contributions, and the Customer Relief Fund contribution. This was partially offset by lower income taxes.
Full Year 2025
Exelon's GAAP net income for 2025 increased to $2.73 per share from $2.45 per share in 2024. Adjusted (non-GAAP) operating earnings for 2025 increased to $2.77 per share from $2.50 per share in 2024.
GAAP net income and Adjusted (non-GAAP) operating earnings for the full year 2025 primarily reflect:
Higher utility earnings primarily due to distribution rates at PECO and BGE, distribution and transmission rates at ComEd and PHI, favorable weather at PECO, a higher return on regulatory assets primarily due to an increase in asset balances and higher AFUDC at ComEd, lower income taxes at PECO, and lower storm costs and impacts of the multi-year plan reconciliation at BGE. This was partially offset by higher interest expense at PECO, BGE, and PHI; higher depreciation expense at PECO and PHI; higher contracting costs at PECO and PHI; lower transmission peak load at ComEd; absence of the Pepco multi-year plan reconciliations; and lower AFUDC at PHI.
Higher costs at the Exelon holding company primarily due to the Customer Relief Fund contribution, higher interest expense, charitable contributions, and higher income taxes.
Operating Company Results1
ComEd
ComEd's fourth quarter of 2025 GAAP net income increased to $244 million from $243 million in the fourth quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $252 million from $243 million in the fourth quarter of 2024, primarily due to an increase in distribution and transmission rate base driven by incremental investments to serve customers and an increase in allowance for funds used during construction (AFUDC), partially offset by the timing of distribution earnings. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PECO
PECO’s fourth quarter of 2025 GAAP net income decreased to $162 million from $195 million in the fourth quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $162 million from $196 million in the fourth quarter of 2024, primarily due to an increase in income taxes due to tax repairs, an absence of the storm cost deferral, an increase in contracting costs, and an increase in depreciation and interest expense, partially offset by electric and gas distribution rates associated with updated recovery of investments to serve customers and favorable weather.
BGE
BGE’s fourth quarter of 2025 GAAP net income increased to $180 million from $175 million in the fourth quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $181 million from $175 million in the fourth quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers and impacts of the multi-year plan reconciliation, partially offset by an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.
PHI
PHI’s fourth quarter of 2025 GAAP net income increased to $171 million from $138 million in the fourth quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $171 million from $132 million in the fourth quarter of 2024, primarily due to distribution and transmission rates driven by updated recovery of investments to serve customers. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.
___________
1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.
Initiates Annual Guidance for 2026
Exelon introduced a guidance range for 2026 Adjusted (non-GAAP) operating earnings of $2.81-$2.91 per share. There are no adjustments between 2026 projected GAAP earnings and Adjusted (non-GAAP) operating earnings currently.
Recent Developments and Fourth Quarter Highlights
Dividend: On February 12, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on March 13, 2026, to Exelon shareholders of record as of the close of business on March 2, 2026.
Rate Case Developments:
ComEd Multi-Year Rate Plan Reconciliation: On December 18, 2025, the Illinois Commerce Commission (ICC) issued a final order on the ComEd 2024 Multi-Year Rate Plan Reconciliation. The ICC approved a total requested revenue requirement increase of $243 million, with rates effective on January 1, 2026.
BGE Multi-Year Plan Reconciliation: The Maryland Public Service Commission (MDPSC) approved BGE to recover $77 million of under-collections related to its 2023 reconciliation request, with rates effective February 1, 2026. The MDPSC also provided for $28 million of additional regulatory assets.
DPL Delaware Electric Distribution Base Rate Case: On December 9, 2025, DPL Delaware filed an application the Delaware Public Service Commission (DEPSC) to increase its annual electric distribution rates by $45 million, reflecting an ROE of 10.50%. DPL currently expects a decision in the third quarter of 2027 but cannot predict if the DEPSC will approve the application as filed. DPL can implement interim rates on July 9, 2026, subject to refund.
DPL Delaware Natural Gas Distribution Base Rate Case: On December 17, 2025, the Delaware Public Service Commission approved an increase in DPL's annual natural gas base rates of $22 million, reflecting an ROE of 9.60%. Interim rates went into effect on April 20, 2025, subject to refund. Rates associated with the approved order were effective on January 1, 2026.
ACE Electric Base Rate Case: On November 21, 2025, the New Jersey Board of Public Utilities approved an increase in ACE's annual electric distribution base rates of $54 million (before New Jersey sales and uses tax), reflecting an ROE of 9.60%, with rates effective on December 1, 2025.
Financing Activities:
On December 4, 2025, Exelon issued $1 billion of its 3.25% Convertible Senior Notes. Exelon used the proceeds to repay or refinance debt and for general corporate purposes.
On November 19, 2025, ACE issued First Mortgage Bonds of $75 million and $75 million at 5.54% and 5.81% due on September 19, 2040 and September 19, 2055, respectively. The proceeds were used to repay existing indebtedness and for general corporate purposes.
Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2025 GAAP net income
$
0.58
$
593
$
244
$
162
$
180
$
171
Regulatory matters (net of taxes of $3)
0.01
8
8
—
—
—
2025 Adjusted (non-GAAP) operating earnings
$
0.59
$
602
$
252
$
162
$
181
$
171
Adjusted (non-GAAP) operating earnings for the fourth quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2024 GAAP net income
$
0.64
$
647
$
243
$
195
$
175
$
138
Asset retirement obligation (net of taxes of $3)
0.01
8
—
—
—
8
Cost management charge (net of taxes of $1, $0, $1, respectively)
—
2
—
1
—
1
Environmental costs (net of taxes of $5)
(0.01
)
(12
)
—
—
—
(12
)
Income tax-related adjustments (entire amount represents tax expense)
—
(3
)
—
—
—
(3
)
2024 Adjusted (non-GAAP) operating earnings
$
0.64
$
642
$
243
$
196
$
175
$
132
Adjusted (non-GAAP) operating earnings for the full year of 2025 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2025 GAAP net income
$
2.73
$
2,768
$
1,147
$
814
$
578
$
799
Asset retirement obligations (net of taxes of $0)
—
(1
)
—
—
—
(1
)
Change in FERC audit liability (net of taxes of $1)
—
2
2
—
—
—
Cost management charge (net of taxes of $0)
—
(1
)
—
—
—
—
Regulatory matters (net of taxes of $10)
0.03
30
29
—
—
—
Income tax-related adjustments (entire amount represents tax expense)
—
1
—
—
—
1
2025 Adjusted (non-GAAP) operating earnings
$
2.77
$
2,801
$
1,178
$
814
$
578
$
799
Adjusted (non-GAAP) operating earnings for the full year of 2024 do not include the following items (after tax) that were included in reported GAAP net income:
(in millions, except per share amounts)
Exelon
Earnings per
Diluted
Share
Exelon
ComEd
PECO
BGE
PHI
2024 GAAP net income
$
2.45
$
2,460
$
1,066
$
551
$
527
$
741
Asset retirement obligations (net of taxes of $3)
0.01
8
—
—
—
8
Change in FERC audit liability (net of taxes of $13)
0.04
42
40
—
—
—
Cost management charge (net of taxes of $4, $0, $2, $0, $2, respectively)
0.01
13
—
5
1
6
Environmental costs (net of taxes of $5)
(0.01
)
(13
)
—
—
—
(13
)
Income tax-related adjustments (entire amount represents tax expense)
—
(3
)
—
—
—
(3
)
2024 Adjusted (non-GAAP) operating earnings
$
2.50
$
2,507
$
1,106
$
556
$
529
$
739
__________
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss fourth quarter 2025 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com/.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.9 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Feb. 12, 2026.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.
New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.
Earnings Release Attachments
Table of Contents
Consolidating Statement of Operations
1
Consolidated Balance Sheets
3
Consolidated Statements of Cash Flows
5
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
6
Statistics
ComEd
8
PECO
9
BGE
11
Pepco
13
DPL
14
ACE.
16
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Three Months Ended December 31, 2025
Operating revenues
$
1,091
$
1,172
$
1,432
$
1,727
$
(10
)
$
5,412
Operating expenses
Purchased power and fuel
(262
)
445
638
735
—
1,556
Operating and maintenance
456
323
260
302
(4
)
1,337
Depreciation and amortization
397
119
159
235
13
923
Taxes other than income taxes
106
56
97
143
11
413
Total operating expenses
697
943
1,154
1,415
20
4,229
Gain on sale of assets
—
—
—
1
1
2
Operating income (loss)
394
229
278
313
(29
)
1,185
Other income and (deductions)
Interest expense, net
(135
)
(72
)
(64
)
(105
)
(174
)
(550
)
Other, net
45
11
17
18
(6
)
85
Total other income and (deductions)
(90
)
(61
)
(47
)
(87
)
(180
)
(465
)
Income (loss) before income taxes
304
168
231
226
(209
)
720
Income taxes
60
6
51
55
(45
)
127
Net income (loss) attributable to common shareholders
$
244
$
162
$
180
$
171
$
(164
)
$
593
Three Months Ended December 31, 2024
Operating revenues
$
1,816
$
998
$
1,157
$
1,509
$
(9
)
$
5,471
Operating expenses
Purchased power and fuel
538
363
423
574
1
1,899
Operating and maintenance
426
245
240
322
(49
)
1,184
Depreciation and amortization
390
110
164
232
17
913
Taxes other than income taxes
89
54
91
133
10
377
Total operating expenses
1,443
772
918
1,261
(21
)
4,373
Loss on sale of assets
—
—
—
(1
)
—
(1
)
Operating income
373
226
239
247
12
1,097
Other income and (deductions)
Interest expense, net
(126
)
(62
)
(56
)
(97
)
(126
)
(467
)
Other, net
27
10
10
19
—
66
Total other income and (deductions)
(99
)
(52
)
(46
)
(78
)
(126
)
(401
)
Income (loss) before income taxes
274
174
193
169
(114
)
696
Income taxes
31
(21
)
18
31
(10
)
49
Net income (loss) attributable to common shareholders
$
243
$
195
$
175
$
138
$
(104
)
$
647
Change in net income (loss) from 2024 to 2025
$
1
$
(33
)
$
5
$
33
$
(60
)
$
(54
)
Consolidating Statements of Operations
(unaudited)
(in millions)
ComEd
PECO
BGE
PHI
Other (a)
Exelon
Twelve Months Ended December 31, 2025
Operating revenues
$
7,267
$
4,684
$
5,222
$
7,135
$
(50
)
$
24,258
Operating expenses
Purchased power and fuel
1,782
1,733
2,221
2,931
—
8,667
Operating and maintenance
1,710
1,195
1,066
1,327
(121
)
5,177
Depreciation and amortization
1,560
454
632
935
59
3,640
Taxes other than income taxes
409
240
370
568
42
1,629
Total operating expenses
5,461
3,622
4,289
5,761
(20
)
19,113
Gain on sale of assets
—
—
—
3
—
3
Operating income (loss)
1,806
1,062
933
1,377
(30
)
5,148
Other income and (deductions)
Interest expense, net
(530
)
(260
)
(247
)
(411
)
(679
)
(2,127
)
Other, net
132
41
51
72
(26
)
270
Total other income and (deductions)
(398
)
(219
)
(196
)
(339
)
(705
)
(1,857
)
Income (loss) before income taxes
1,408
843
737
1,038
(735
)
3,291
Income taxes
261
29
159
239
(165
)
523
Net income (loss) attributable to common shareholders
$
1,147
$
814
$
578
$
799
$
(570
)
$
2,768
Twelve Months Ended December 31, 2024
Operating revenues
$
8,219
$
3,973
$
4,426
$
6,448
$
(38
)
$
23,028
Operating expenses
Purchased power and fuel
3,042
1,477
1,651
2,513
—
8,683
Operating and maintenance
1,703
1,120
1,036
1,250
(169
)
4,940
Depreciation and amortization
1,514
428
638
947
67
3,594
Taxes other than income taxes
376
218
345
528
37
1,504
Total operating expenses
6,635
3,243
3,670
5,238
(65
)
18,721
Gain (loss) on sale of assets
5
4
—
(1
)
4
12
Operating income
1,589
734
756
1,209
31
4,319
Other income and (deductions)
Interest expense, net
(501
)
(232
)
(216
)
(376
)
(589
)
(1,914
)
Other, net
94
37
36
97
(2
)
262
Total other income and (deductions)
(407
)
(195
)
(180
)
(279
)
(591
)
(1,652
)
Income (loss) before income taxes
1,182
539
576
930
(560
)
2,667
Income taxes
116
(12
)
49
189
(135
)
207
Net income (loss) attributable to common shareholders
$
1,066
$
551
$
527
$
741
$
(425
)
$
2,460
Change in net income (loss) 2024 to 2025
$
81
$
263
$
51
$
58
$
(145
)
$
308
__________
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
Exelon
Consolidated Balance Sheets
(unaudited)
(in millions)
December 31, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
626
$
357
Restricted cash and cash equivalents
525
541
Accounts receivable
Customer accounts receivable
3,732
3,144
Customer allowance for credit losses
(435
)
(406
)
Customer accounts receivable, net
3,297
2,738
Other accounts receivable
1,879
1,123
Other allowance for credit losses
(94
)
(107
)
Other accounts receivable, net
1,785
1,016
Inventories, net
Fossil fuel
88
72
Materials and supplies
780
781
Regulatory assets
1,359
1,940
Prepaid renewable energy credits
563
494
Other
523
445
Total current assets
9,546
8,384
Property, plant, and equipment, net
84,318
78,182
Deferred debits and other assets
Regulatory assets
9,214
8,710
Goodwill
6,630
6,630
Receivable related to Regulatory Agreement Units
4,755
4,026
Investments
312
290
Other
1,795
1,562
Total deferred debits and other assets
22,706
21,218
Total assets
$
116,570
$
107,784
Liabilities and Shareholders' Equity
Current liabilities
Short-term borrowings
$
612
$
1,859
Long-term debt due within one year
1,665
1,453
Accounts payable
3,721
2,994
Accrued expenses
1,582
1,468
Payables to affiliates
5
5
Customer deposits
533
446
Regulatory liabilities
1,128
411
Mark-to-market derivative liabilities
30
29
Unamortized energy contract liabilities
5
5
Renewable energy credit obligations
473
429
Other
577
512
Total current liabilities
10,331
9,611
Long-term debt
47,413
42,947
Long-term debt to financing trusts
390
390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits
13,715
12,793
Regulatory liabilities
11,016
10,198
Pension obligations
1,749
1,745
Non-pension postretirement benefit obligations
546
472
Asset retirement obligations
321
301
Mark-to-market derivative liabilities
106
103
Unamortized energy contract liabilities
16
21
Other
2,169
2,282
Total deferred credits and other liabilities
29,638
27,915
Total liabilities
87,772
80,863
Commitments and contingencies
Shareholders’ equity
Common stock
22,106
21,338
Treasury stock, at cost
(123
)
(123
)
Retained earnings
7,577
6,426
Accumulated other comprehensive loss, net
(762
)
(720
)
Total shareholders’ equity
28,798
26,921
Total liabilities and shareholders' equity
$
116,570
$
107,784
Exelon
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Twelve Months Ended December 31,
2025
2024
Cash flows from operating activities
Net income
$
2,768
$
2,460
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, and accretion
3,643
3,596
Gain on sales of assets
(3
)
(12
)
Deferred income taxes and amortization of investment tax credits
391
128
Other non-cash operating activities
1,331
592
Changes in assets and liabilities:
Accounts receivable
(1,691
)
(644
)
Inventories
(22
)
(56
)
Accounts payable and accrued expenses
260
(37
)
Collateral (paid) received, net
(10
)
33
Income taxes
121
(4
)
Regulatory assets and liabilities, net
156
(50
)
Pension and non-pension postretirement benefit contributions
(342
)
(180
)
Other assets and liabilities
(348
)
(257
)
Net cash flows provided by operating activities
6,254
5,569
Cash flows from investing activities
Capital expenditures
(8,529
)
(7,097
)
Proceeds from sales of assets
4
38
Other investing activities
—
17
Net cash flows used in investing activities
(8,525
)
(7,042
)
Cash flows from financing activities
Changes in short-term borrowings
(747
)
(265
)
Proceeds from short-term borrowings with maturities greater than 90 days
—
150
Repayments on short-term borrowings with maturities greater than 90 days
(500
)
(549
)
Issuance of long-term debt
6,075
4,974
Retirement of long-term debt
(1,311
)
(1,557
)
Issuance of common stock
691
148
Dividends paid on common stock
(1,617
)
(1,524
)
Proceeds from employee stock plans
36
43
Other financing activities
(94
)
(109
)
Net cash flows provided by financing activities
2,533
1,311
Increase (decrease) in cash, restricted cash, and cash equivalents
262
(162
)
Cash, restricted cash, and cash equivalents at beginning of period
939
1,101
Cash, restricted cash, and cash equivalents at end of period
$
1,201
$
939
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Three Months Ended December 31, 2025 and 2024
(unaudited)
(in millions, except per share data)
Exelon
Earnings per
Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2024 GAAP net income (loss)
$
0.64
$
243
$
195
$
175
$
138
$
(104
)
$
647
Asset retirement obligation (net of taxes of $3)
0.01
—
—
—
8
—
8
Cost management charge (net of taxes of $0, $1, $1, respectively) (1)
—
—
1
—
1
—
2
Environmental costs (net of taxes of $5)
(0.01
)
—
—
—
(12
)
—
(12
)
Income tax-related adjustments (entire amount represents tax (expense) (2)
—
—
—
—
(3
)
—
(3
)
2024 Adjusted (non-GAAP) operating earnings (loss)
$
0.64
$
243
$
196
$
175
$
132
$
(104
)
$
642
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
0.02
$
—
(b)
$
17
$
—
(b)
$
4
(b)
$
—
$
21
Load
(0.01
)
—
(b)
(8
)
—
(b)
2
(b)
—
(6
)
Distribution and transmission rates (3)
0.11
12
(c)
64
(c)
12
(c)
23
(c)
—
111
Other energy delivery (4)
0.03
20
(c)
(3
)
(c)
5
(c)
12
(c)
—
34
Operating and maintenance expense (5)
(0.09
)
(12
)
(58
)
(1
)
18
(43
)
(96
)
Pension and non-pension postretirement benefits
—
(1
)
(1
)
—
(1
)
5
2
Depreciation and amortization expense (6)
(0.01
)
(5
)
(7
)
(5
)
(2
)
4
(15
)
Interest expense and other (7)
(0.09
)
(5
)
(38
)
(5
)
(17
)
(26
)
(91
)
Total year over year effects on Adjusted (non-GAAP) operating earnings
$
(0.05
)
$
9
$
(34
)
$
6
$
39
$
(60
)
$
(40
)
2025 GAAP net income (loss)
$
0.58
$
244
$
162
$
180
$
171
$
(164
)
$
593
Regulatory matters (net of taxes of $3) (8)
0.01
8
—
—
—
—
8
2025 Adjusted (non-GAAP) operating earnings (loss)
$
0.59
$
252
$
162
$
181
$
171
$
(164
)
$
602
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms across the utilities, including transmission formula rates and riders, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)
Primarily represents severance and reorganization costs related to cost management.
(2)
Reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance.
(3)
For ComEd, reflects increased distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to electric and gas rates. For BGE, reflects increased distribution revenue due to rates. For PHI, reflects increased distribution and transmission revenue primarily due to rates.
(4)
For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in electric distribution revenues due to timing of distribution earnings.
(5)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects the recognition of deferred storm regulatory asset in the fourth quarter of 2024 and contracting costs. For BGE, primarily reflects impacts from the multi-year plan reconciliation. For PHI, reflects the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution.
(6)
Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.
(7)
For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects an increase in income tax expense due to tax repairs, some of which is timing, and an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes and an increase in interest expense, with a decrease in income tax expense due to timing.
(8)
Represents the disallowance of certain capitalized costs.
Exelon
Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings
Twelve Months Ended December 31, 2025 and 2024
(unaudited)
(in millions, except per share data)
Exelon
Earnings
per Diluted
Share
ComEd
PECO
BGE
PHI
Other (a)
Exelon
2024 GAAP net income (loss)
$
2.45
$
1,066
$
551
$
527
$
741
$
(425
)
$
2,460
Asset retirement obligations (net of taxes of $3)
0.01
—
—
—
8
—
8
Change in FERC audit liability (net of taxes of $13)
0.04
40
—
—
—
2
42
Cost management charge (net of taxes of $2, $0, $2, $0, $4, respectively) (1)
0.01
—
5
1
6
1
13
Environmental costs (net of taxes of $5)
(0.01
)
—
—
—
(13
)
—
(13
)
Income tax-related adjustments (entire amount represents tax expense) (2)
—
—
—
—
(3
)
—
(3
)
2024 Adjusted (non-GAAP) operating earnings (loss)
$
2.50
$
1,106
$
556
$
529
$
739
$
(423
)
$
2,507
Year over year effects on Adjusted (non-GAAP) operating earnings:
Weather
$
0.05
$
—
(b)
$
44
$
—
(b)
$
8
(b)
$
—
$
52
Load
(0.02
)
—
(b)
(19
)
—
(b)
2
(b)
—
(17
)
Distribution and transmission rates (3)
0.55
50
(c)
309
(c)
65
(c)
130
(c)
—
554
Other energy delivery (4)
0.17
93
(c)
16
(c)
10
(c)
54
(c)
—
173
Operating and maintenance expense (5)
(0.18
)
(12
)
(59
)
6
(58
)
(62
)
(185
)
Pension and non-pension postretirement benefits
—
(3
)
(3
)
—
—
3
(3
)
Depreciation and amortization expense (6)
(0.04
)
(32
)
(20
)
(5
)
9
6
(42
)
Interest expense and other (7)
(0.24
)
(24
)
(10
)
(27
)
(85
)
(92
)
(238
)
Total year over year effects on Adjusted (non-GAAP) operating earnings
$
0.27
$
72
$
258
$
49
$
60
$
(145
)
$
294
2025 GAAP net income (loss)
$
2.73
$
1,147
$
814
$
578
$
799
$
(570
)
$
2,768
Asset retirement obligations (net of taxes of $0)
—
—
—
—
(1
)
—
(1
)
Change in FERC audit liability (net of taxes of $1)
—
2
—
—
—
—
2
Cost management charge (net of taxes of $0) (1)
—
—
—
—
—
—
(1
)
Regulatory matters (net of taxes $10) (8)
0.03
29
—
—
—
1
30
Income tax-related adjustments (entire amount represents tax expense) (2)
—
—
—
—
1
—
1
2025 Adjusted (non-GAAP) operating earnings (loss)
$
2.77
$
1,178
$
814
$
578
$
799
$
(568
)
$
2,801
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.
(a)
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)
For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.
(c)
ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms across the utilities, including transmission formula rates and riders, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).
(1)
Primarily represents severance and reorganization costs related to cost management.
(2)
In 2024, reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance. In 2025, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.
(3)
For ComEd, reflects increased distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to electric and gas rates. For BGE, reflects increased distribution revenue due to rates. For PHI, reflects increased distribution and transmission revenue due to rates.
(4)
For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in transmission peak load. For PHI, reflects increased distribution and transmission revenues due to increased fully recoverable costs.
(5)
Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased contracting costs. For BGE, reflects impacts of the multi-year plan reconciliation and decreased storm costs. For PHI, reflects the absence of the Maryland multi-year plan reconciliations and increased contracting costs, partially offset by the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income due to the expiration of the TSA with Constellation.
(6)
Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.
(7)
For ComEd, reflects an increase in interest expense offset by an increase in AFUDC. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, offset by an increase in interest expense. For BGE, primarily reflects an increase in interest expense. For PHI, reflects an increase in interest expense and a decrease in AFUDC. For Corporate, reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes, an increase in interest expense, an increase in income tax expense, and a decrease in other income with an offsetting decrease in Operating and maintenance expense due to the expiration of the TSA with Constellation.
(8)
Represents the disallowance of certain capitalized costs.
ComEd Statistics
Three Months Ended December 31, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather - Normal % Change
2025
2024
% Change
Electric Deliveries and Revenues(a)
Residential
6,130
5,656
8.4
%
5.1
%
$
750
$
793
(5.4
)%
Small commercial & industrial
7,049
6,780
4.0
%
3.1
%
272
504
(46.0
)%
Large commercial & industrial(b)
6,898
7,293
(5.4
)%
(5.3
)%
(96
)
270
(135.6
)%
Public authorities & electric railroads
236
233
1.3
%
7.2
%
6
16
(62.5
)%
Other(c)
—
—
n/a
n/a
220
277
(20.6
)%
Total electric revenues(d)
20,313
19,962
1.8
%
0.7
%
1,152
1,860
(38.1
)%
Other Revenues(e)
(61
)
(44
)
38.6
%
Total Electric Revenues
$
1,091
$
1,816
(39.9
)%
Purchased Power
$
(262
)
$
538
(148.7
)%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
2,104
1,767
2,139
19.1
%
(1.6
)%
Cooling Degree-Days
57
39
14
46.2
%
307.1
%
Twelve Months Ended December 31, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather - Normal % Change
2025
2024
% Change
Electric Deliveries and Revenues(a)
Residential
28,016
27,274
2.7
%
1.1
%
$
4,203
$
3,809
10.3
%
Small commercial & industrial
29,333
28,367
3.4
%
1.1
%
2,072
2,259
(8.3
)%
Large commercial & industrial
28,332
27,870
1.7
%
1.4
%
593
1,145
(48.2
)%
Public authorities & electric railroads
904
822
10.0
%
11.1
%
47
60
(21.7
)%
Other(c)
—
—
n/a
n/a
907
1,080
(16.0
)%
Total electric revenues(d)
86,585
84,333
2.7
%
1.3
%
7,822
8,353
(6.4
)%
Other Revenues(e)
(555
)
(134
)
314.2
%
Total Electric Revenues
$
7,267
$
8,219
(11.6
)%
Purchased Power
$
1,782
$
3,042
(41.4
)%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
5,802
4,795
5,968
21.0
%
(2.8
)%
Cooling Degree-Days
1,215
1,215
1,002
—
%
21.3
%
Number of Electric Customers
2025
2024
Residential
3,776,590
3,727,097
Small commercial & industrial
398,746
396,797
Large commercial & industrial
1,988
2,283
Public authorities & electric railroads
5,814
5,775
Total
4,183,138
4,131,952
__________
(a)
Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.
(b)
Decrease is due to the timing of billings in 2024.
(c)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(d)
Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, respectively, and $21 million and $8 million for the twelve months ended December 31, 2025 and 2024, respectively.
(e)
Includes alternative revenue programs and late payment charges.
PECO Statistics
Three Months Ended December 31, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
3,126
3,066
2.0
%
(1.7
)%
$
574
$
486
18.1
%
Small commercial & industrial
1,702
1,807
(5.8
)%
(6.5
)%
143
140
2.1
%
Large commercial & industrial
3,213
3,358
(4.3
)%
(4.5
)%
79
70
12.9
%
Public authorities & electric railroads
167
143
16.8
%
18.8
%
8
8
—
%
Other(b)
—
—
n/a
n/a
81
75
8.0
%
Total electric revenues(c)(d)
8,208
8,374
(2.0
)%
(4.7
)%
885
779
13.6
%
Other Revenues(e)
10
9
11.1
%
Total Electric Revenues
895
788
13.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(f)
Residential
14,720
12,549
17.3
%
6.3
%
197
145
35.9
%
Small commercial & industrial
7,663
7,164
7.0
%
(2.0
)%
66
51
29.4
%
Large commercial & industrial
1
—
n/a
2.4
%
(1
)
—
n/a
Transportation
6,445
6,109
5.5
%
1.5
%
9
8
12.5
%
Other(g)
—
—
n/a
n/a
6
5
20.0
%
Total natural gas revenues(h)
28,829
25,822
11.6
%
2.9
%
277
209
32.5
%
Other Revenues(e)
—
1
(100.0
)%
Total Natural Gas Revenues
277
210
31.9
%
Total Electric and Natural Gas Revenues
$
1,172
$
998
17.4
%
Purchased Power and Fuel
$
445
$
363
22.6
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
1,590
1,345
1,521
18.2
%
4.5
%
Cooling Degree-Days
26
53
33
(50.9
)%
(21.2
)%
Twelve Months Ended December 31, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
14,078
13,963
0.8
%
(1.5
)%
$
2,494
$
2,169
15.0
%
Small commercial & industrial
7,537
7,683
(1.9
)%
(3.0
)%
627
547
14.6
%
Large commercial & industrial
13,683
13,889
(1.5
)%
(2.2
)%
339
261
29.9
%
Public authorities & electric railroads
678
613
10.6
%
11.0
%
34
29
17.2
%
Other(b)
—
—
n/a
n/a
312
296
5.4
%
Total electric revenues(c)
35,976
36,148
(0.5
)%
(1.9
)%
3,806
3,302
15.3
%
Other Revenues(e)
21
23
(8.7
)%
Total Electric Revenues
3,827
3,325
15.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(f)
Residential
43,189
38,328
12.7
%
1.6
%
593
445
33.3
%
Small commercial & industrial
23,709
21,906
8.2
%
0.6
%
206
157
31.2
%
Large commercial & industrial
15
17
(11.8
)%
(2.2
)%
—
—
n/a
Transportation
24,204
23,357
3.6
%
0.7
%
37
28
32.1
%
Other(g)
—
—
n/a
n/a
19
16
18.8
%
Total natural gas revenues(h)
91,117
83,608
9.0
%
1.1
%
855
646
32.4
%
Other Revenues(e)
2
2
—
%
Total Natural Gas Revenues
857
648
32.3
%
Total Electric and Natural Gas Revenues
$
4,684
$
3,973
17.9
%
Purchased Power and Fuel
$
1,733
$
1,477
17.3
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
4,274
3,786
4,348
12.9
%
(1.7
)%
Cooling Degree-Days
1,547
1,652
1,455
(6.4
)%
6.3
%
Number of Electric Customers
2025
2024
Number of Natural Gas Customers
2025
2024
Residential
1,541,970
1,533,443
Residential
510,959
508,224
Small commercial & industrial
154,841
155,164
Small commercial & industrial
44,698
44,846
Large commercial & industrial
3,158
3,150
Large commercial & industrial
7
7
Public authorities & electric railroads
10,248
10,708
Transportation
617
644
Total
1,710,217
1,702,465
Total
556,281
553,721
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $9 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.
(d)
Decrease due to the timing of delivered volumes.
(e)
Includes alternative revenue programs and late payment charges.
(f)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.
(g)
Includes revenues primarily from off-system sales.
(h)
Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $3 million for both the twelve months ended December 31, 2025 and 2024, respectively.
BGE Statistics
Three Months Ended December 31, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
3,022
2,927
3.2
%
(1.3
)%
$
674
$
482
39.8
%
Small commercial & industrial
648
638
1.6
%
(0.3
)%
102
85
20.0
%
Large commercial & industrial
3,078
3,109
(1.0
)%
(0.9
)%
148
132
12.1
%
Public authorities & electric railroads
49
48
2.1
%
1.4
%
8
8
—
%
Other(b)
—
—
n/a
n/a
124
112
10.7
%
Total electric revenues(c)
6,797
6,722
1.1
%
(1.0
)%
1,056
819
28.9
%
Other Revenues(d)
(1
)
28
(103.6
)%
Total Electric Revenues
1,055
847
24.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
14,208
12,156
16.9
%
1.2
%
268
207
29.5
%
Small commercial & industrial
3,132
2,689
16.5
%
6.4
%
41
34
20.6
%
Large commercial & industrial
11,839
10,727
10.4
%
4.7
%
70
61
14.8
%
Other(f)
1,600
945
69.3
%
n/a
14
7
100.0
%
Total natural gas revenues(g)
30,779
26,517
16.1
%
3.2
%
393
309
27.2
%
Other Revenues(d)
(17
)
1
(1,800.0
)%
Total Natural Gas Revenues
376
310
21.3
%
Total Electric and Natural Gas Revenues
$
1,431
$
1,157
23.7
%
Purchased Power and Fuel
$
638
$
423
50.8
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
1,729
1,544
1,617
12.0
%
6.9
%
Cooling Degree-Days
16
27
31
(40.7
)%
(48.4
)%
Twelve Months Ended December 31, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
12,894
12,682
1.7
%
(0.9
)%
$
2,503
$
2,038
22.8
%
Small commercial & industrial
2,723
2,716
0.3
%
(0.3
)%
414
360
15.0
%
Large commercial & industrial
13,060
13,170
(0.8
)%
(0.1
)%
603
557
8.3
%
Public authorities & electric railroads
195
198
(1.5
)%
(1.5
)%
33
31
6.5
%
Other(b)
—
—
n/a
n/a
476
414
15.0
%
Total electric revenues(c)
28,872
28,766
0.4
%
(0.5
)%
4,029
3,400
18.5
%
Other Revenues(d)
(22
)
36
(161.1
)%
Total Electric Revenues
4,007
3,436
16.6
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
41,633
36,645
13.6
%
(1.5
)%
823
625
31.7
%
Small commercial & industrial
9,860
8,682
13.6
%
3.6
%
140
110
27.3
%
Large commercial & industrial
41,343
39,618
4.4
%
0.8
%
248
204
21.6
%
Other(f)
6,643
2,268
192.9
%
n/a
51
18
183.3
%
Total natural gas revenues(g)
99,479
87,213
14.1
%
0.1
%
1,262
957
31.9
%
Other Revenues(d)
(47
)
33
(242.4
)%
Total Natural Gas Revenues
1,215
990
22.7
%
Total Electric and Natural Gas Revenues
$
5,222
$
4,426
18.0
%
Purchased Power and Fuel
$
2,221
$
1,651
34.5
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
4,439
3,973
4,496
11.7
%
(1.3
)%
Cooling Degree-Days
912
1,066
902
(14.4
)%
1.1
%
Number of Electric Customers
2025
2024
Number of Natural Gas Customers
2025
2024
Residential
1,222,397
1,216,614
Residential
660,986
658,776
Small commercial & industrial
115,197
115,010
Small commercial & industrial
37,759
37,874
Large commercial & industrial
13,445
13,266
Large commercial & industrial
6,417
6,369
Public authorities & electric railroads
252
260
Total
705,162
703,019
Total
1,351,291
1,345,150
__________
(a)
Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.
(f)
Includes revenues primarily from off-system sales.
(g)
Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $2 million and $3 million for the twelve months ended December 31, 2025 and 2024.
Pepco Statistics
Three Months Ended December 31, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues(a)
Residential
1,873
1,808
3.6
%
(4.7
)%
$
396
$
328
20.7
%
Small commercial & industrial
264
263
0.4
%
(2.3
)%
50
44
13.6
%
Large commercial & industrial
3,355
3,369
(0.4
)%
(1.6
)%
301
259
16.2
%
Public authorities & electric railroads
176
168
4.8
%
3.7
%
11
10
10.0
%
Other(b)
—
—
n/a
n/a
97
103
(5.8
)%
Total electric revenues(c)
5,668
5,608
1.1
%
(2.5
)%
855
744
14.9
%
Other Revenues(d)
(27
)
(24
)
12.5
%
Total Electric Revenues
$
828
$
720
15.0
%
Purchased Power
$
320
$
247
29.6
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
1,457
1,144
1,305
27.4
%
11.6
%
Cooling Degree-Days
23
78
57
(70.5
)%
(59.6
)%
Twelve Months Ended December 31, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather-
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues(a)
Residential
8,269
8,108
2.0
%
1.5
%
$
1,669
1,413
18.1
%
Small commercial & industrial
1,117
1,119
(0.2
)%
0.5
%
205
184
11.4
%
Large commercial & industrial
13,979
13,904
0.5
%
1.4
%
1,212
1,053
15.1
%
Public authorities & electric railroads
676
622
8.7
%
8.1
%
39
37
5.4
%
Other(b)
—
—
n/a
n/a
372
327
13.8
%
Total electric revenues(c)
24,041
23,753
1.2
%
1.6
%
3,497
3,014
16.0
%
Other Revenues(d)
(43
)
25
(272.0
)%
Total Electric Revenues
$
3,454
$
3,039
13.7
%
Purchased Power
$
1,262
$
1,055
19.6
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
3,662
3,150
3,655
16.3
%
0.2
%
Cooling Degree-Days
1,653
1,957
1,783
(15.5
)%
(7.3
)%
Number of Electric Customers
2025
2024
Residential
886,386
877,916
Small commercial & industrial
54,038
54,036
Large commercial & industrial
23,194
23,068
Public authorities & electric railroads
207
207
Total
963,825
955,227
__________
(a)
Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charge revenues.
DPL Statistics
Three Months Ended December 31, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
1,297
1,183
9.6
%
1.4
%
$
256
$
218
17.4
%
Small commercial & industrial
569
566
0.5
%
(0.2
)%
64
62
3.2
%
Large commercial & industrial
996
1,007
(1.1
)%
(1.9
)%
30
32
(6.3
)%
Public authorities & electric railroads
11
13
(15.4
)%
(15.6
)%
3
5
(40.0
)%
Other(b)
—
—
n/a
n/a
78
72
8.3
%
Total electric revenues(c)
2,873
2,769
3.8
%
(0.2
)%
431
389
10.8
%
Other Revenues(d)
(5
)
(2
)
150.0
%
Total Electric Revenues
426
387
10.1
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
3,252
2,649
22.8
%
8.8
%
54
36
50.0
%
Small commercial & industrial
1,460
1,212
20.5
%
5.1
%
20
14
42.9
%
Large commercial & industrial
441
433
1.8
%
1.9
%
2
1
100.0
%
Transportation
1,728
1,715
0.8
%
(4.7
)%
5
5
—
%
Other(g)
—
—
n/a
n/a
3
1
200.0
%
Total natural gas revenues
6,881
6,009
14.5
%
3.8
%
84
57
47.4
%
Other Revenues(f)
—
—
n/a
Total Natural Gas Revenues
84
57
47.4
%
Total Electric and Natural Gas Revenues
$
510
$
444
14.9
%
Purchased Power and Fuel
$
223
$
187
19.3
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
1,708
1,451
1,520
17.7
%
12.4
%
Cooling Degree-Days
10
23
36
(56.5
)%
(72.2
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
1,727
1,480
1,635
16.7
%
5.6
%
Twelve Months Ended December 31, 2025 and 2024
Electric and Natural Gas Deliveries
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric (in GWhs)
Electric Deliveries and Revenues(a)
Residential
5,542
5,371
3.2
%
(1.0
)%
$
1,049
$
943
11.2
%
Small commercial & industrial
2,392
2,359
1.4
%
0.9
%
264
253
4.3
%
Large commercial & industrial
4,129
4,122
0.2
%
(0.3
)%
122
123
(0.8
)%
Public authorities & electric railroads
42
43
(2.3
)%
(2.6
)%
16
17
(5.9
)%
Other(b)
—
—
n/a
n/a
303
270
12.2
%
Total rate-regulated electric revenues(c)
12,105
11,895
1.8
%
(0.4
)%
1,754
1,606
9.2
%
Other Revenues(d)
(14
)
1
(1,500.0
)%
Total Electric Revenues
1,740
1,607
8.3
%
Natural Gas (in mmcfs)
Natural Gas Deliveries and Revenues(e)
Residential
9,052
7,810
15.9
%
7.5
%
139
108
28.7
%
Small commercial & industrial
4,339
3,801
14.2
%
5.5
%
55
43
27.9
%
Large commercial & industrial
1,680
1,674
0.4
%
0.4
%
7
5
40.0
%
Transportation
6,355
6,206
2.4
%
(0.3
)%
19
17
11.8
%
Other(f)
—
—
n/a
n/a
11
7
57.1
%
Total rate-regulated natural gas revenues
21,426
19,491
9.9
%
4.1
%
231
180
28.3
%
Other Revenues(d)
—
—
n/a
Total Natural Gas Revenues
231
180
28.3
%
Total Electric and Natural Gas Revenues
$
1,971
$
1,787
10.3
%
Purchased Power and Fuel
$
861
$
760
13.3
%
Electric Service Territory
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
4,434
3,968
4,320
11.7
%
2.6
%
Cooling Degree-Days
1,288
1,279
1,314
0.7
%
(2.0
)%
Natural Gas Service Territory
% Change
Heating Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
4,500
4,100
4,605
9.8
%
(2.3
)%
Number of Electric Customers
2025
2024
Number of Natural Gas Customers
2025
2024
Residential
495,254
490,626
Residential
132,148
131,392
Small commercial & industrial
65,500
64,813
Small commercial & industrial
10,255
10,218
Large commercial & industrial
1,273
1,255
Large commercial & industrial
14
14
Public authorities & electric railroads
634
606
Transportation
160
162
Total
562,661
557,300
Total
142,577
141,786
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, and $9 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs and late payment charges.
(e)
Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.
(f)
Includes revenues primarily from off-system sales.
ACE Statistics
Three Months Ended December 31, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues(a)
Residential
875
790
10.8
%
5.8
%
$
233
$
174
33.9
%
Small commercial & industrial
393
405
(3.0
)%
(4.0
)%
60
57
5.3
%
Large commercial & industrial
695
819
(15.1
)%
(15.3
)%
39
48
(18.8
)%
Public authorities & electric railroads
12
15
(20.0
)%
(16.9
)%
4
5
(20.0
)%
Other(b)
—
—
n/a
n/a
54
73
(26.0
)%
Total electric revenues(c)
1,975
2,029
(2.7
)%
(4.9
)%
390
357
9.2
%
Other Revenues(d)
—
(9
)
(100.0
)%
Total Electric Revenues
$
390
$
348
12.1
%
Purchased Power
$
192
$
140
37.1
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
1,716
1,483
1,534
15.7
%
11.9
%
Cooling Degree-Days
10
20
32
(50.0
)%
(68.8
)%
Twelve Months Ended December 31, 2025 and 2024
Electric Deliveries (in GWhs)
Revenue (in millions)
2025
2024
% Change
Weather -
Normal
% Change
2025
2024
% Change
Electric Deliveries and Revenues(a)
Residential
4,055
4,022
0.8
%
1.9
%
$
1,015
$
900
12.8
%
Small commercial & industrial
1,646
1,651
(0.3
)%
0.5
%
253
244
3.7
%
Large commercial & industrial
2,932
3,167
(7.4
)%
(6.5
)%
180
196
(8.2
)%
Public authorities & electric railroads
44
47
(6.4
)%
(5.8
)%
18
20
(10.0
)%
Other(b)
—
—
n/a
n/a
250
280
(10.7
)%
Total electric revenues(c)
8,677
8,887
(2.4
)%
(1.4
)%
1,716
1,640
4.6
%
Other Revenues(d)
2
(12
)
(116.7
)%
Total Electric Revenues
$
1,718
$
1,628
5.5
%
Purchased Power
$
808
$
698
15.8
%
% Change
Heating and Cooling Degree-Days
2025
2024
Normal
From 2024
From Normal
Heating Degree-Days
4,567
4,168
4,489
9.6
%
1.7
%
Cooling Degree-Days
1,102
1,262
1,229
(12.7
)%
(10.3
)%
Number of Electric Customers
2025
2024
Residential
510,005
507,483
Small commercial & industrial
63,154
62,739
Large commercial & industrial
2,682
2,843
Public authorities & electric railroads
754
714
Total
576,595
573,779
__________
(a)
Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.
(b)
Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.
(c)
Includes operating revenues from affiliates totaling $1 million and less than $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $4 million and $2 million for the twelve months ended December 31, 2025 and 2024, respectively.
(d)
Includes alternative revenue programs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260212104487/en/
James Gherardi
Corporate Communications
312-394-7417
Ryan Brown
Investor Relations
779-231-0017
Original: Exelon Reports Fourth Quarter and Full Year 2025 Results and Initiates 2026 Financial Outlook
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
iHub News
5月前
Penny Roger$
3年前
Farnsworthpartyman
4年前
XenaLives
7年前
whytestocks
7年前
ValueInvestor15
9年前
stocktrademan
10年前
メールアドレスで登録
